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Cassels Brock Represents Planet Fitness in Canada in Connection with $1.275 Billion Refinancing Transaction

Published: 08/01/2018

Team: Larry M. Weinberg, Frank Robinson, Marc Mercier, Charles Newman, Lauren Grossman, Shane Hardy, Alison Hayman, John T.C. Christian

Cassels Brock represented Planet Fitness in Canada, alongside lead global legal adviser Ropes & Gray, in connection with its refinancing by way of the issuance of $1.275 billion in securitized notes, The notes include $1.2 billion in senior secured term notes and $75 million in senior secured variable funding notes, which function as a revolving financing facility.  In connection with the offering of the notes, substantially all of the revenue-generating assets of Planet Fitness, Inc. and its U.S. subsidiaries were transferred to certain newly created, bankruptcy remote subsidiaries and IP license arrangements were entered into between one of those subsidiaries and Pla-Fit Canada Franchise Inc., the Canadian franchisor.  The transaction closed on August 1, 2018.

The Cassels Brock team included Larry Weinberg and Frank Robinson (Franchise Law), Marc Mercier, Charles Newman and Lauren Grossman (Financial Services), Shane Hardy and Alison Hayman (Intellectual Property) and John Christian (Business Law).